Azerbaijan's economic growth surges compared to last year

The total GDP volume in Azerbaijan in 1 HY 2014 amounted to 33.99 billion AZN, which exceeds the figure for the same period of last year by 2.4 percent, says the report of the State Statistics Committee of Azerbaijan, released on Aug. 14.

Nominal growth of GDP was 4.3 percent.

The GDP per capita in 1 HY increased by 1.1 percent and amounted to 3 621.3 AZN ($4 617.3), the reports say.

During this period 61.8 percent of GDP in Azerbaijan was formed in the areas of production, where volumes remained unchanged.

The share of added value produced in industry makes 45.5 percent, in construction - 11.4 percent in agriculture, forestry and fish farms - 4.9 percent. The service sector amounted to 31.14 percent worth of gross output.

Net taxes on products and import amounted to 2 403.7 million AZN, or 7.1 percent of GDP in Azerbaijan.

Trade and repair of vehicles accounted for 7.6 percent of GDP originating in the services sector. Transportation and warehousing accounted for six percent, tourist accommodation and catering sphere accounted for five percent.

Information and communication services accounted for 1.7 percent of GDP, while social and other services accounted for 14.6 percent of GDP originating in the services sectorThe non-oil sector of the economy increased by 6.8 percent over the same period of last year with its GDP share of 56.8 percent. Volume of production of value added in mining and processing of oil and gas decreased by 3.1 percent

Compared to the same period of last year, the volume of value added in the construction sector in Azerbaijan in January-July 2014 increased by 11.3 percent. The volume of value added in tourist accommodation and catering sector increased by 15.1 percent.

The volume of value added in the trade and repair of vehicles sector increased by 9.1 percent.

The volume of value added in information and communication services increased by 12.4 percent.

The volume of value added in transport and warehousing sector saw a 5.7 percent increase, while social and other services sectors saw a 4.7 percent increase. Production of gross output in agriculture, forestry and fish farms decreased by 4.2 percent.